Financial Statement Impact The following business transactions related to Clark Consulting Howard Clark deposited $36,000 from personal funds into a business checking account on March 31, 2014 to start his business, Clark Consulting Clark Consulting provided consulting services to a business on April 16, 2014 and received cash for the fees earned on that date Clark Consulting purchased land for $22,000 on April 22, 2014 On April 30, 2014 Clark Consulting spent cash on wages, $4,500 rent $2,000 and utilities, $500 On April 30, 2014 Howard Clark withdrew cash from the business for personal use The amount of fees earned on April 16, 2014 can be changed using the following slider to see the impact on the financial statements Likewise, the amount of the withdrawal can be changed using the following slider to see the impact on the financial statements Use the sliders to answer the following questions 1 Which of the following slider combinations causes the Owner's Equity to fall below the initial investment of $36,000 by the end of April Select your answer $10,000, $3,000 or $12,000, $2,000 or $8,000, $1,000 or $8,000, $2,000 2 Are the total assets equal to the total of the debit column of the unadjusted trail balance Select your answer Yes or No 3 If the Fees Earned is $12,000 and H Clark, Drawing is $3,000 the balance of cash is $ 4 Which of the following slider combinations causes the total assets to be greatest on April 30, 2014 Select your answer $8,000, $3,000 or $8,000, $0 or $14,000, $0 or $14,000, $3,000 5 How much is the sum of the debit balances in the unadjusted trial balance greater than the total assets on April 30, 2014 when Fees Earned is $10,000 and H Clark, Drawing is $3,000 $ 6 If the Fees Earned is $8,000 and the H Clark, Drawing is $0, the balance of owner's equity is $ 8,000 $10,000 $12,000 $14,000 Fess Earned, April 16 $2,000 $3,000 $1,000 $0 H Clark, Drawing, April 30 The journal entries for Clark Consulting business transactions listed above are as follows Mar 31 Cash 36,000 H Clark, Capital 36,000 Apr 16 Cash Fees Earned Apr 22 Land 22,000 Cash 22,000 Apr 30 Wages Expense 4,500 Rent Expense 2,000 Utilities Expense 500 Cash 7,000 Apr 30 H Clark, Drawing Cash

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Financial Statement Impact The following business transactions related to Clark Consulting: Howard Clark deposited $36,000 from personal funds into a business checking account on March

Financial Statement Impact

The following business transactions related to Clark Consulting:

	Howard Clark deposited $36,000 from personal funds into a business checking account on March 31, 2014 to start his business, Clark Consulting.
	Clark Consulting provided consulting services to a business on April 16, 2014 and received cash for the fees earned on that date.
	Clark Consulting purchased land for $22,000 on April 22, 2014.
	On April 30, 2014 Clark Consulting spent cash on wages, $4,500; rent $2,000; and utilities, $500.
	On April 30, 2014 Howard Clark withdrew cash from the business for personal use.

The amount of fees earned on April 16, 2014 can be changed using the following slider to see the impact on the financial statements. Likewise, the amount of the withdrawal can be changed using the following slider to see the impact on the financial statements.

image text in transcribed

Use the sliders to answer the following questions:

1	Which of the following slider combinations causes the Owner's Equity to fall below the initial investment of $36,000 by the end of April?
	- Select your answer -$10,000, $3,000 or $12,000, $2,000 or $8,000, $1,000 or $8,000, $2,000

2	Are the total assets equal to the total of the debit column of the unadjusted trail balance?
	- Select your answer Yes or No

3	If the Fees Earned is $12,000 and H. Clark, Drawing is $3,000 the balance of cash is $???.

4	Which of the following slider combinations causes the total assets to be greatest on April 30, 2014?
	- Select your answer -$8,000, $3,000 or $8,000, $0 or $14,000, $0 or $14,000, $3,000

5	How much is the sum of the debit balances in the unadjusted trial balance greater than the total assets on April 30, 2014 when Fees Earned is $10,000 and H. Clark, Drawing is $3,000? $???

6	If the Fees Earned is $8,000 and the H. Clark, Drawing is $0, the balance of owner's equity is $???

8,000 $10,000 $12,000 $14,000 Fess Earned, April 16: $2,000 $3,000 $1,000 $0 H. Clark, Drawing, April 30 The journal entries for Clark Consulting business transactions listed above are as follows: Mar. 31 Cash 36,000 H. Clark, Capital 36,000 Apr. 16 Cash Fees Earned Apr. 22 Land 22,000 Cash 22,000 Apr. 30 Wages Expense 4,500 Rent Expense 2,000 Utilities Expense 500 Cash 7,000 Apr. 30 H. Clark, Drawing Cash